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Sunday 12 January 2014

Why Are A Quarter of the UK’s Small Businesses Running on Savings and Handouts?

A recent report commissioned by Bibby Financial Services revealed that almost half of SMEs only have one source of funding, while a quarter of small businesses rely on personal finance because they can’t get business funding.

If that’s true, what does it the landscape of UK small-to-medium business look like in the UK today?

The Problem of Small Business Funding

With businesses running on personal overdrafts and loans, it only takes one small hiccup to cause a big cash flow problem. A single slow-paying customer can lead to higher banking costs. If your business experiences a larger problem like an IT disaster or the loss of a major customer, personal finance may not be enough to keep your business afloat.

The trouble isn’t simply that businesses can’t get funding – it’s that many SMEs don’t know what funding they can apply for, or don’t apply because they don’t believe they’ll be eligible.

Likewise, the question of surviving disruptions to cash flow and business operations isn’t merely one of money – it has more to do with being well-prepared for the realities of doing business.

Giving SMEs the Help They Need to Survive

Every small business has its weaknesses. A smaller team is less likely to include experts in every task your business requires, and many small businesses have a modest budget to work with so adding new in-house staff may not be an option.

Bringing in outside specialists when you need them is easier (and more affordable) than you might realise. Whether your weakness is a lack of qualified IT workers or a budget that hasn’t grown much since the recent recession, perhaps it’s time you strengthened your company’s foundations by consulting the experts.

360ict provides fully managed IT services to small and medium-sized businesses in London and the South East. Call 0208 663 4000 for free expert advice to boost your business.

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